FX.co ★ Analysis and trading tips for EUR/USD on November 24 (US session)

Analysis of transactions and trading tips on EUR/USD

Further growth became limited because the test of 1.0920 coincided with the sharp upward move of the MACD line from zero. Sometime later, another test took place, but this time it occurred when the MACD line moved in the overbought area, prompting a signal to sell. This resulted in a price decrease of around 15 pips.

Business activity data in the US will come out, and forecasts say it will show balanced numbers. This may cause euro to come under pressure, but the movement will not be massive nor in just one direction.

For long positions:

Buy when euro hits 1.0921 (green line on the chart) and take profit at the price of 1.0958. However, strong growth will not occur today, although weak data from the US may trigger risk appetite.

When buying, ensure that the MACD line lies above zero or rises from it. Euro can also be bought after two consecutive price tests of 1.0901, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.0921 and 1.0958.

For short positions:

Sell when euro reaches 1.0901 (red line on the chart) and take profit at the price of 1.0865. Pressure will increase in the case of unsuccessful consolidation around the daily high.

When selling, make sure that the MACD line lies below zero or drops down from it. Euro can also be sold after two consecutive price tests of 1.0921, but the MACD line should be in the overbought area as only by that will the market reverse to 1.0901 and 1.0865.

What's on the chart:

Thin green line - entry price at which you can buy EUR/USD

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell EUR/USD

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decision based on the current market situation is an inherently losing strategy for an intraday trader.